We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
PDL BioPharma Inc | NASDAQ:PDLI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.47 | 2.62 | 2.63 | 0 | 01:00:00 |
INCLINE VILLAGE, Nev., Nov. 6, 2019 /PRNewswire/ -- PDL BioPharma, Inc. ("PDL" or "the Company") (Nasdaq: PDLI) reports financial results for the three and nine months ended September 30, 2019:
Third Quarter Financial Highlights
"Third quarter revenues exceeded $44 million driven by continued growth from the LENSAR Laser System and strong contributions from our royalty assets, both of which are tracking ahead of our previous guidance range," said Dominique Monnet, president and CEO of PDL. "LENSAR's quarterly revenues reached a record $8 million, up 22% over the prior-year period and up 27% year-to-date. Through PDL-funded R&D investments, LENSAR has continued to advance its best-in-class technology for the treatment of cataracts and the management of astigmatism. LENSAR's technology benefits have been increasingly recognized by ophthalmic surgeons, as indicated by steady and robust year-over-year procedure volume growth since the product was launched in mid-2012. Procedure volume for the first nine months of 2019 is on pace to continue this trend.
"We are also pleased with progress at Evofem Biosciences, which is on track to resubmit the Amphora® NDA in the fourth quarter," he added. "Given this timeframe, we anticipate Amphora's commercial launch for the prevention of pregnancy in 2020, subject to FDA approval. We believe our strategic investment in Evofem allows our shareholders to benefit from the significant near-term and longer-term commercial potential of Amphora. It may also present a strategic position for PDL's potential expansion into the underserved women's health market.
"We completed our $100 million share buy-back program during the third quarter, which represents the Company's largest single investment year-to-date. We are also continuing our efforts to reduce our operating expenses, with general and administrative expenses (G&A) down 16% year-to-date."
Revenue Highlights
Operating Expense Highlights
Other Financial Highlights
Stock Repurchase Programs
Financial Guidance
Conference Call and Webcast
PDL will hold a conference call to discuss financial results and provide a business update at 4:30 p.m. Eastern time today. Slides to accompany the conference call will be available in the Investor Relations section of www.pdl.com.
To access the live conference call via phone, please dial 844-535-4071 from the U.S. and Canada or 706-679-2458 internationally. The conference ID is 3195828. A telephone replay will be available beginning approximately one hour after the call through one week following the call, and can be accessed by dialing 855-859-2056 from the U.S. and Canada or 404-537-3406 internationally. The replay passcode is 3195828.
To access the live and subsequently archived webcast of the conference call, go to the Investor Relations section of www.pdl.com and select "Events & Presentations."
About PDL BioPharma, Inc.
PDL's mission is to improve the lives of patients and create value for our shareholders and our people by applying our capital and expertise for the successful development and commercialization of innovative therapeutics by our partner companies. We deliver on our mission by entering into strategic transactions involving innovative late clinical-stage or early commercial-stage therapeutics with attractive revenue growth potential. For more information please visit www.pdl.com
NOTE: PDL, PDL BioPharma, the PDL logo and associated logos and the PDL BioPharma logo are trademarks or registered trademarks of, and are proprietary to, PDL BioPharma, Inc. which reserves all rights therein. Noden, Noden Pharma, Tekturna, Tekturna HCT, Rasilez and Rasilez HCT and associated logos are trademarks or registered trademarks of, and are proprietary to, Noden Pharma DAC, which reserves all right therein. LENSAR and associated logos are trademarks or registered trademarks of, and are proprietary to, LENSAR, Inc., which reserves all rights therein.
Forward-looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from those, express or implied, in these forward-looking statements. Important factors that could impair the value of the Company's assets and business are disclosed in the risk factors contained in the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 15, 2019 and subsequent filings. All forward-looking statements are expressly qualified in their entirety by such factors. We do not undertake any duty to update any forward-looking statement except as required by law.
TABLE 1 PDL BIOPHARMA, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DATA (In thousands, except per share amounts) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Revenues | ||||||||||||||||
Product revenue, net | $ | 20,345 | $ | 24,387 | $ | 64,868 | $ | 79,472 | ||||||||
Royalty rights - change in fair value | 23,865 | 42,184 | (4,277) | 66,117 | ||||||||||||
Royalties from Queen et al. patents | — | 533 | 9 | 4,534 | ||||||||||||
Interest revenue | — | 754 | — | 2,254 | ||||||||||||
License and other | (45) | 40 | (48) | 614 | ||||||||||||
Total revenues | 44,165 | 67,898 | 60,552 | 152,991 | ||||||||||||
Operating Expenses | ||||||||||||||||
Cost of product revenue, (excluding intangible amortization and impairment) | 15,033 | 11,926 | 40,191 | 37,016 | ||||||||||||
Amortization of intangible assets | 1,575 | 1,577 | 4,745 | 14,254 | ||||||||||||
General and administrative | 12,092 | 13,211 | 33,037 | 39,401 | ||||||||||||
Sales and marketing | 1,712 | 3,469 | 6,515 | 14,367 | ||||||||||||
Research and development | 4,310 | 672 | 6,065 | 2,149 | ||||||||||||
Impairment of intangible assets | — | — | — | 152,330 | ||||||||||||
Change in fair value of contingent consideration | — | 302 | — | (22,433) | ||||||||||||
Total operating expenses | 34,722 | 31,157 | 90,553 | 237,084 | ||||||||||||
Operating income (loss) | 9,443 | 36,741 | (30,001) | (84,093) | ||||||||||||
Non-operating (expense) income, net | ||||||||||||||||
Interest and other income, net | 1,460 | 1,581 | 4,984 | 4,871 | ||||||||||||
Interest expense | (3,011) | (2,866) | (8,950) | (9,262) | ||||||||||||
Equity affiliate - change in fair value | (27,378) | — | 18,109 | — | ||||||||||||
Gain on sale of intangible assets | 3,476 | — | 3,476 | — | ||||||||||||
Loss on exchange of convertible notes | (3,900) | — | (3,900) | — | ||||||||||||
Total non-operating (expense) income, net | (29,353) | (1,285) | 13,719 | (4,391) | ||||||||||||
(Loss) income before income taxes | (19,910) | 35,456 | (16,282) | (88,484) | ||||||||||||
Income tax (benefit) expense | (1,944) | 9,900 | (419) | (3,346) | ||||||||||||
Net (loss) income | (17,966) | 25,556 | (15,863) | (85,138) | ||||||||||||
Less: net loss attributable to noncontrolling interests | (182) | — | (340) | — | ||||||||||||
Net (loss) income attributable to PDL's shareholders | $ | (17,784) | $ | 25,556 | $ | (15,523) | $ | (85,138) | ||||||||
Net (loss) income per share | ||||||||||||||||
Basic | $ | (0.16) | $ | 0.18 | $ | (0.13) | $ | (0.58) | ||||||||
Diluted | $ | (0.16) | $ | 0.18 | $ | (0.13) | $ | (0.58) | ||||||||
Shares used to compute income per basic share | 112,986 | 143,171 | 119,966 | 147,159 | ||||||||||||
Shares used to compute income per diluted share | 112,986 | 144,224 | 119,966 | 147,159 |
TABLE 2 PDL BIOPHARMA, INC. CONDENSED CONSOLIDATED BALANCE SHEET DATA (Unaudited) (In thousands) | ||||||||
September 30, | December 31, | |||||||
2019 | 2018 | |||||||
Cash and cash equivalents | $ | 294,270 | $ | 394,590 | ||||
Notes receivable | $ | 64,008 | $ | 63,813 | ||||
Royalty rights - at fair value | $ | 313,943 | $ | 376,510 | ||||
Investment in equity affiliate | $ | 67,200 | $ | — | ||||
Total assets | $ | 865,145 | $ | 963,736 | ||||
Total convertible notes payable | $ | 132,484 | $ | 124,644 | ||||
Total stockholders' equity | $ | 637,434 | $ | 729,779 |
TABLE 3 PDL BIOPHARMA, INC. GAAP to NON-GAAP RECONCILIATION: NET (LOSS) INCOME (Unaudited) (In thousands) | ||||||||||||||||
A reconciliation between net (loss) income on a GAAP basis and on a non-GAAP basis is as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
GAAP net (loss) income attributed to PDL's stockholders as reported | $ | (17,784) | $ | 25,556 | $ | (15,523) | $ | (85,138) | ||||||||
Adjustments to Non-GAAP net income (as detailed below) | 28,157 | (12,429) | 50,391 | 129,354 | ||||||||||||
Non-GAAP net income attributed to PDL's stockholders | $ | 10,373 | $ | 13,127 | $ | 34,868 | $ | 44,216 | ||||||||
An itemized reconciliation between net (loss) income on a GAAP basis and on a non-GAAP basis is as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
GAAP net (loss) income attributed to PDL's stockholders, as reported | $ | (17,784) | $ | 25,556 | $ | (15,523) | $ | (85,138) | ||||||||
Adjustments: | ||||||||||||||||
Mark-to-market adjustment to fair value - royalty assets | 1,699 | (23,128) | 62,567 | (9,068) | ||||||||||||
Mark-to-market adjustment to equity affiliate - common stock | 21,333 | — | (16,574) | — | ||||||||||||
Non-cash interest revenues | — | (79) | — | (229) | ||||||||||||
Non-cash stock-based compensation expense | 2,059 | 2,596 | 5,403 | 4,814 | ||||||||||||
Non-cash debt offering costs | 1,900 | 1,834 | 5,776 | 5,745 | ||||||||||||
Non-cash depreciation and amortization expense | 646 | 1,033 | 2,295 | 3,061 | ||||||||||||
Mark-to-market adjustment on warrants held | 6,090 | (40) | (1,487) | (114) | ||||||||||||
Impairment of intangible assets | — | — | — | 152,330 | ||||||||||||
Non-cash amortization of intangible assets | 1,575 | 1,577 | 4,745 | 14,254 | ||||||||||||
Mark-to-market adjustment of contingent consideration | — | 302 | — | (22,433) | ||||||||||||
Income tax effect related to above items | (7,145) | 3,476 | (12,334) | (19,006) | ||||||||||||
Total adjustments | 28,157 | (12,429) | 50,391 | 129,354 | ||||||||||||
Non-GAAP net income | $ | 10,373 | $ | 13,127 | $ | 34,868 | $ | 44,216 |
Use of Non-GAAP Financial Measures
We supplement our consolidated financial statements presented on a GAAP basis by providing an additional measure which may be considered a "non-GAAP" financial measure under applicable rules of the Securities and Exchange Commission. We believe that the disclosure of this non-GAAP financial measure provides our investors with additional information that reflects the amounts and financial basis upon which our management assesses and operates our business. These non-GAAP financial measures are not in accordance with generally accepted accounting principles and should not be viewed in isolation or as a substitute for reported, or GAAP, net income, and is not a substitute for, or superior to, measures of financial performance performed in conformity with GAAP.
"Non-GAAP net income" is not based on any standardized methodology prescribed by GAAP and represents GAAP net income adjusted to exclude (1) mark-to-market adjustments related to the fair value election for our investments in royalty rights presented in our earnings, which include the fair value re-measurement of future discounted cash flows for each of the royalty rights assets we have acquired, (2) market-to-mark adjustment to our equity affiliate, (3) non-cash interest revenue from notes receivable (4) non-cash stock-based compensation expense, (5) non-cash interest expense related to PDL debt offering costs, (6) mark-to-market adjustments related to warrants held, (7) non-cash amortization of intangible assets, (8) mark-to-market adjustment related to acquisition-related contingent consideration, (9) non-cash depreciation and amortization expense and (10) the related tax effect of all reconciling items within our reconciliation. Non-GAAP financial measures used by PDL may be calculated differently from, and therefore may not be comparable to, non-GAAP measures used by other companies.
View original content to download multimedia:http://www.prnewswire.com/news-releases/pdl-biopharma-reports-2019-third-quarter-financial-results-300953207.html
SOURCE PDL BioPharma, Inc.
Copyright 2019 PR Newswire
1 Year PDL BioPharma Chart |
1 Month PDL BioPharma Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions